A more sustainable future may be within reach with Energy Impact Partners (EIP), as the firm has raised substantial funding to further its mission to support clean energy solutions.
According to a press release shared with AfroTech, the global investment firm closed its inaugural Elevate Future Fund, raising $111.9 million with limited partner commitments.
Some of the investors include Southern Company, Amazon, Microsoft, and General Electric Company, which have joined together to support underrepresented founders in the clean energy sector.
“At EIP, we believe that investing in diverse founders is not only a social equity imperative, but a key component in driving innovation and progress in the clean energy transition,” Anthony Oni, Managing Partner at EIP, said in a news release. “The close of this fund shows that investors are committed to supporting the next generation of diverse entrepreneurs who are creating the critical solutions needed to reduce the world’s exposure to carbon emissions and fossil fuels.”
Chris Womack, President and CEO-elect at Southern Company, said in the release, “We are proud to be a founding investor in the Elevate Future Fund and strongly believe in its mission to drive diversity and inclusion in the clean energy ecosystem. Southern Company recognizes the importance of and is committed to helping bring a range of perspectives to the table as we work to transition to a clean energy future.”
More On The Fund
Creation of the fund is aimed at increasing diversity in the clean energy sector by providing minority founders access to capital, supporting minority-owned businesses in the supply chain, and “accelerating” clean energy while “supporting” diversity, equity, and inclusion within venture capital community.
A number of companies have already been supported by the fund, including ChargerHelp!, Robust.ai, and Rheaply.
“Urgent action is needed to combat climate change and a task this size cannot be done alone,” Hans Kobler, Founder and Managing Partner at EIP, said, according to a press release. “It requires a coalition of diverse thought, perspective and collaboration to make actionable progress toward decarbonizing the global economy. The Elevate Future Fund is one great step forward in advancing equity and opportunity in the clean energy industry.”